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Why Community Building is Important for a Crypto Project’s Success

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  • Why Community Building is Important for a Crypto Project’s Success

    Posted by DAPS Team on August 12, 2019

    In this blog I take a look at why community building is important. This is an opinion piece written as a DAPS team moderator/admin. The views expressed are my own and not necessarily the views of DAPS team or the project as a whole. Most of you know me as ZZtan. Enjoy reading!

    First of all, without a community, there will be no one to share the crypto project with, no one to advertise to and no one to use it. Hence why building a strong community is essential for a successful crypto project.

    Secondly, a strong and well-built community will be able to withstand the ups and downs of a crypto project which all crypto projects inevitably face in particularly the bear markets. With a strong community in amidst of all the challenges, be it tech issues, uncertainty, changes in the market etc only then will a crypto project survive and thrive amidst these challenging and difficult times. A strong community also gives encouragement and inspiration to the team members in the project to continue with their work and fight for the greater good for the community, the project and themselves.

    A community also provides a venue for people to be selfless and to exchange knowledge with each other. The sharing of crypto knowledge in a strongly bonded crypto community helps everyone who is involved in the discussion or even just on the sideline viewing to strengthen their crypto knowledge and may even benefit them as the knowledge gained may allow them to avoid scams or make a better investment decision into other crypto projects. Sometimes, the community may be more up to date on what is ongoing with the latest crypto news and they can even help the project’s team when they share certain valuable information or articles to review and study.

    Building a strong community also allows the project team to garner views and suggestions from the community on topics like exchanges to list on, designs for the project team to use on various events and so on. This also allows the team to discuss and explain on certain decisions made with the community openly and allow the team to explain why certain decisions have to be made, in particular, difficult and tough decision which will impact the project in short term but likely to be more beneficial in the long term.

    Also, a good community is a great source for product development and testing, especially for crypto projects with open source. Before the code goes open source, they can help the crypto team to test out their product before the official release to public E.g Beta test or Testnet. Next, after the project goes into open source, the community members with enough coding knowledge can even help by looking at the code to spot any possible errors which may have been missed somehow and provide solutions to them. They may even be able to give suggestions to improve the code after looking at it as well and the project can set up rewards called ‘bug bounties’.

    The community may be able to see certain things at a different angle due to them not being directly involved in the project development behind the scenes and can help the team on these blind spots. A strong community enables the project team to look at themselves and their products from the outside perspective, giving a chance for the project team to catch strengths and weaknesses and understand the perspective from their audience’s view.

    Having and retaining a strong community is also better for the crypto project in terms of financial sense. Attracting new customers, users or new community members cost a business five times as much as retaining an existing one. And a good crypto project must retain and get new people into the community, so they have more and more people to use their crypto as well. By building a close community, the same amount of money used for marketing can result in a higher retention rate and even attract more new people as these people may be attracted by a strong community and like to decide to stay on the community after more interactions with the community and the team members.

    This also builds brand loyalty among the community members to the crypto project and make it is harder for community members to jump from the existing crypto community to other communities if they have a connection with the existing community and the team behind the crypto project. They may have other investment in other crypto projects which is perfectly normal and alright, but the project that they feel most bonded and involved in is likely one they will fight for and stay on in amidst challenging times. One example of involvement at DAPS is our #PromoFriday campaigns. Promo Friday is every Friday and is the day that every community member is encouraged to post a design, statement or video online to promote DAPS and privacy.

    In summary, there are many benefits to having a strong community and how they help crypto projects to succeed. A great community requires patience and effort to build but once they are there, they can be a strong baseline for the project team to fall back on during difficult times and celebrate with during the good times.

    Help DAPS to grow, please share our message!
    Last edited by crypto_enthusiast; 17 August 2019, 05:20 AM.